Ernst & Young Assurance Associate Interview Questions and Answers

Q1. Tell me about yourself
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Q2. What is depreciation
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Depreciation is the accounting method of allocating the cost of a tangible asset over its useful life.
• Depreciation reflects the wear and tear on an asset over time.

• Common methods include straight-line and declining balance depreciation.

• For example, if a machine costs $10,000 and has a useful life of 10 years, it depreciates $1,000 annually using straight-line method.

• Depreciation affects financial statements, reducing t...read more
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Q3. What is auditing
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Auditing is the systematic examination of financial records to ensure accuracy and compliance with established standards.
• Auditing involves evaluating financial statements for accuracy and compliance with accounting standards.

• It can be internal (conducted by the organization) or external (conducted by independent auditors).

• For example, a company may undergo an external audit to verify its financial health before going p...read more
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Q4. Diffrence between asset and liability
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Assets are resources owned by a company, while liabilities are obligations owed to others.
• Assets represent economic resources, such as cash, inventory, and property.

• Liabilities are financial obligations, like loans, accounts payable, and mortgages.

• Example of an asset: A company's building or machinery.

• Example of a liability: A bank loan that the company must repay.
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Q5. What is profit and loss
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Profit and loss refer to the financial outcomes of a business, indicating its earnings and expenses over a specific period.
• Profit is the financial gain after deducting expenses from revenue. Example: If a company earns $100,000 and spends $70,000, profit is $30,000.

• Loss occurs when expenses exceed revenue. Example: If a company earns $50,000 but spends $70,000, it incurs a loss of $20,000.

• Profit can be reinvested in th...read more
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Q1. Difference between boxing and unboxing
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Boxing converts a value type to a reference type, while unboxing converts a reference type back to a value type.
• Boxing: Wrapping a value type (e.g., int) in an object. Example: object obj = 5;

• Unboxing: Extracting the value type from the object. Example: int num = (int)obj;

• Boxing involves memory allocation on the heap, while unboxing retrieves the value from the heap.

• Boxing can lead to performance overhead due to additi...read more
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Q2. Difference between reference and value types
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Reference types store references to the actual data, while value types store the data itself.
• Value types include primitives like int, float, and char. Example: int a = 5;

• Reference types include objects and arrays. Example: String str = new String('Hello');

• Value types are stored on the stack, while reference types are stored on the heap.

• Modifying a value type creates a copy, while modifying a reference type affects the ...read more
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General questions 60 questions for 60 mins

Q1. Question related to resume
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Q2. Tell me about yourself?
Ans. 
I am a detail-oriented finance graduate with experience in auditing and a passion for ensuring compliance and accuracy in financial reporting.
• Education: Graduated with a degree in Accounting from XYZ University, where I developed a strong foundation in financial principles.

• Experience: Completed an internship at ABC Audit Firm, where I assisted in conducting audits for small businesses, enhancing my analytical skills.

• Sk...read more
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Q3. What do you know about EY?
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Q1. Tell me about yourself
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Q2. What do know about AML/KYC
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Q3. What do you understand through assurance associate?
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Q1. How much experience you have, what do you understand through anti money laundering?
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